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Agreement To Pay Debt In Installments

Agreement To Pay Debt In Installments Template for Singapore

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Key Requirements PROMPT example:

Agreement To Pay Debt In Installments

"I need an Agreement To Pay Debt In Installments to structure the repayment of a $50,000 business loan over 24 monthly installments, with the first payment starting March 1, 2025, and I want to include an early repayment option without penalties."

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Document background
The Agreement To Pay Debt In Installments is commonly used in Singapore when parties wish to formalize a structured repayment plan for an existing debt. This document is particularly relevant when the debtor cannot make immediate full payment but is willing to settle the debt through regular installments. It provides legal protection under Singapore law for both creditor and debtor by clearly documenting the debt acknowledgment, payment schedule, and consequences of default. The agreement helps prevent future disputes by establishing clear terms and conditions while ensuring compliance with relevant Singapore legislation, including interest rate restrictions and fair trading practices.
Suggested Sections

1. Parties: Identification and details of the creditor and debtor

2. Background: Origin of the debt and circumstances leading to the installment agreement

3. Definitions: Key terms used throughout the agreement

4. Acknowledgment of Debt: Formal recognition of the debt amount and its validity

5. Payment Terms: Installment amounts, payment schedule, and payment method

6. Default Provisions: Consequences of missing payments or breaching the agreement

7. Governing Law: Specification of Singapore law as governing law

Optional Sections

1. Interest Calculations: Details of interest charges if applicable - use when interest is being charged on the outstanding amount

2. Security Provisions: Details of any collateral or security for the debt - use when the debt is secured by assets or guarantees

3. Early Payment Provisions: Terms for early repayment of the debt - use when early repayment options are offered

4. Force Majeure: Provisions for unforeseen circumstances affecting payment ability - use when parties want to address potential extraordinary circumstances

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates and amounts

2. Original Debt Documentation: Copies of documents evidencing the original debt

3. Security Documentation: Details of any security or collateral (if applicable)

4. Interest Calculation Schedule: Detailed breakdown of interest calculations (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Industries

Civil Law Act (Cap. 43): Primary legislation governing contractual relationships, including provisions about interest rates and enforceability of contracts

Moneylenders Act (Cap. 188): Regulates licensed moneylenders, sets requirements for interest rates, repayment terms, and documentation of loans

Consumer Protection (Fair Trading) Act (Cap. 52A): Ensures fair trading practices and provides protection against unfair practices in debt collection

Limitation Act (Cap. 163): Establishes time limits for debt collection and validates the original debt claim

Contract Law: Common law principles covering contract formation, consideration requirements, and capacity to contract

Banking Act (Cap. 19): Regulates banking institutions, including provisions for interest rates and payment terms in banking-related debts

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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